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Fake Indian Currency Note (FICN) is a term used by officials and media to refer to counterfeit currency notes circulated in the Indian economy. [1] In 2012, while responding to a question in parliament, the Finance Minister, P. Chidambaram, admitted that there is no confirmed estimate of fake currency in India. [ 2 ]
The cash deposited into hundis (cash collection boxes in temples and gurudwaras) are exempted from inquiry by the tax department; this is sometimes to launder money. [77] [78] After the demonetisation, there was a spike in donations in the form of the demonetised banknotes in temples.
By March 2009, RBI found out that in India, only six non-cash transactions were executed each year by individual citizens while 1 crore (10 million) retailers accepted card-based payments. Around 14.5 crores (145 million) families had no access to any form of banking.
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The National Financial Switch was launched by the IDRBT on 27 August 2004, connecting the ATMs of three banks, Corporation Bank, Bank of Baroda and ICICI Bank. [3] [4] [5] The IDRBT then worked towards bringing all major banks in India on board and by December 2009, the network had grown to connect 49,880 ATMs of 37 banks, thereby emerging as the largest network of shared ATMs in the country.
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As of 2023 there are 907.4 million internet users in India (64% of the population), a 35% increase since 2018. [3] 63% payments still being made in cash. E-payments have been heavily promoted in India showing consumers the various ways they can make these payments Including ATMs, the Internet, mobile phones and drop boxes.
As a specific instance, following the outbreak in 2020 of the COVID-19 pandemic, many shops chose not to accept any form of cash due to the risk of infection, accepting payment cards only. [ 43 ] Throughout the United Kingdom, Royal Mint coins valued £1 , £2 , and £5 sterling are legal tender in unlimited amounts.